The present invention relates generally to the field of computing, and more particularly to equation transformation.
Regulatory compliance analytics may enable services institutions in regulated industries to effectively determine the controls required for regulatory compliance, and to assess existing internal control coverage, given regulatory requirements. However, in the banking industry, for example, the cost of regulatory compliance is vast. More than $600 billion may be spent annually to address compliance requirements, more than 27,000 employees may be needed to work on compliance tasks at one bank alone, and more than 70% of a bank's budget that is not spent on running the bank may be spent on compliance issues, thereby limiting the capital available for innovation and growth. Further, there may be more than 20,000 regulations to comply with.